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Sunday Morning Comin’ Down

I woke up Sunday morning with no way to hold my head that didn’t hurt,
And the beer I had for breakfast wasn’t bad so I had one more for dessert,
Then I stumbled to my closet for my clothes and found my cleanest dirty shirt,
Then I washed my face and combed my hair and stumbled down the stairs to meet the day

On a sleeping city sidewalk,
I’m wishing lord that I was stoned…

There aren’t many songwriters or singers more American than Kris Kristofferson and his song seems appropriate these days.

I’m pretty sure a lot of wish we were stoned when we take a look at the financials.
It’s pretty clear a hangover is coming.

The Dow dropped 634 points today, after an already brutal Friday. Interest rates are poised to stay low. The US economy is sluggish, and it’s not alone. Standard and Poors downgraded the credit rating of the US, and people paid attention. The President tried to counter their verdict today and sounded…lame is the only word that fits.

The rating agencies were not to be trusted after 2008. They rated polished sub-prime turds as AAA mortgage backed securities. That was bad enough, but now S&P is handing out political advice.

You gotta wonder at the irony. If Obama had thrown a few ratings guys in jail two years ago, the last time their actions cost people billions, yesterday’s impact would have been less and I suspect people would be seeing things a little more clearly.

And yes, he could have done it. It’s easier to throw someone in jail in the States than it is to sell a house. Look what they did to Conrad Black.

I heard Michael Campbell commenting on the meltdown today. He suspects that some leaders don’t get finance. Jeez, do ya think? Check out TED Talks. They’ve already determined it to be true.

Not only does S&P have political advice for the US, but so do the Chinese, who are astounded at the way Congress makes decisions. Of course, Congress has been doing it democratically for longer than anyone else in the world, and the Chinese were shooting their own people in the street last week, but hey, what do I know?

It’s interesting how wrong the mainstream media gets it. The Tea Party is portrayed as a bunch of wack-jobs. They don’t want to raise taxes and they want to live within their means. They’re not the ones referred to as “the adults in the debate”.

And yet, think about it. When a government spends $1.00 for every 60 cents it raises, what should you address first? Revenue or expenditures? How much would you have to raise taxes if you don’t reign in spending (which the US hasn’t done yet)? Back of the napkin math says the 60 cents would have to be raised by 40 cents to $1.00. That’s 66% increase in tax.

What did we hear in today’s news (and in those emails you get from your financial planner telling you everything is fine)? Comments from guys who make their livings making profits along the lines of…wait for it…the US needs significant spending cuts to get its house in order. In fact, one guy pointed out that Nicolas Cage had gone bankrupt at $20 million a film, meaning he didn’t have a revenue problem. He had a spending problem.

Anyway, there’s one thing that’s going to save the USA, which is what made me quote the song. Just about everyone else is in worse shape. The US government is broke, but the US is still the land of the greenback dollar, and while it may be bruised it is, without a doubt, one of the cleanest dirty shirts around. Say what you want about those Yankees. The world will still lend to them before they’ll lend to a lot of other people. There’s something to be said for that.

My name is Rob Chipman and I’m a realtor, pilot and all around super hero based in Vancouver, BC. I really enjoy flying, playing guitar and hockey, real estate and the Chilcotin.¬† My company is¬†Coronet Realty Ltd., located at 3582 East Hastings Street, Vancouver, BC, V5K 2A7. I have a C-150L that I own with two other pilots, based out of Pitt Meadows. Do not hesitate to contact me by email if I can help you do anything, especially if its likely to be interesting.


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